Press Releases Press Releases

PRESS RELEASE 04-13
September 10, 2004
Contact: Alana Golden, Public Information Officer
(916) 323-7012 or (916) 322-5966
www.dfi.ca.gov

Department of Financial Institutions Announces New State Bank - Pacific Valley Bank will open its doors on September 14

San Francisco - The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Pacific Valley Bank will open its doors on September 14, 2004 to customers in Salinas with a capitalization of $12.3 million.

"I am pleased to welcome Pacific Valley Bank and report that state-chartered banks continue to grow and prosper in California," said Howard Gould, Commissioner of Financial Institutions. During the last three years, 38 new state-chartered banks opened with DFI approval. In addition, over 120 branches also opened their doors. "Each new bank has its unique characteristics, which range from serving a small community or ethnic community to offering special services for small businesses and professionals," added Commissioner Gould.

Pacific Valley Bank is located at 3 Rossi Circle, Suite A, Salinas, Monterey County, CA 93907. Their telephone number is (831) 422-5300. Their Web site address is www.pacificvalleybank.com.

C. Robert Wheeler, Jr. will serve as President and Chief Executive Officer; James A. Meyers as Senior Vice President and Chief Financial Officer; Ben A. Tinkey as Senior Vice President and Chief Lending Officer - Real Estate Lending; and Henry R. Fierro, Senior Vice President and Chief Lending Officer - Commercial Lending.

Like all California state-chartered banks, the Pacific Valley Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.

DFI supervises over 650 financial institutions, including 204 commercial and industrial banks and 221 credit unions. The Department is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, offices of foreign banks, issuers of travelers checks and payment instruments (money orders), and transmitters of money abroad. The Department reports to Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.